German airline Deutsche Lufthansa said it would initiate further cost-cutting in 2012 with details it will reveal in the first quarter of the year.

“In the new and constantly changing environment in which we operate, it takes an enormous effort simply to aim to grow with the market,” Lufthansa Chief Executive Officer Christoph Franz said in a company newsletter.

Franz said the company would post a profit in 2011, but the numbers were “well below” what it needed to maintain the current operation strategy.